Wednesday, July 27, 2011
LANSING –The Michigan Economic Development Corporation (MEDC) today announced that the Michigan Strategic Fund (MSF) is awarding $25 million to eight organizations that will support entrepreneurs in launching and growing start-up companies throughout the state.
“Early-stage companies require seed capital and access to a strong network of public and private resources,” said MEDC President and CEO Michael A. Finney. “We are confident that with the funding of these organizations and the types of programs – from federal grant support to business plan completion to providing services and angel and pre-seed funding – we will continue to accelerate the growth of innovative technology start-ups in Michigan.”
The funding comes from the state’s 21st Century Jobs fund, which is focused on the commercialization of competitive edge technologies in areas that include alternative energy, life sciences, homeland security and defense, advanced manufacturing and materials, agricultural processing, information technology, and other innovative sectors.
Organizations that received awards from the MSF include the following (funding is for two to three years):
- Ann Arbor SPARK, $10.8 million: Michigan Pre-Seed Capital Fund, a statewide co-investment program in collaboration with all Michigan SmartZones that makes investments in pre-seed stage companies; Accelerate Michigan Innovation Competition, an annual business competition that awards $1 million in cash prizes to start-up and emerging companies; and the Michigan Angel Fund, a new fund that will invest in Michigan start-up companies.
- Biosciences Research & Commercialization Center (BRCC) of Western Michigan University, Kalamazoo, $3.8 million: Statewide pre-seed fund that will invest in life science start-ups.
- Biotechnology Business Consultants (BBC), Ann Arbor, $1.6 million: Statewide support for Michigan companies to secure funding through federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
- Detroit Creative Corridor Center (DC3), $400,000: Creative Producers, a program that will deliver targeted business acceleration services to early and second stage businesses in the digital and media production fields.
- Great Lakes Entrepreneurs Quest (GLEQ), Lansing, $1.1 million: Statewide annual business plan competition that provides a network of volunteer coaching, investor talent, and entrepreneurial support programs for early stage companies.
- Inforum Center for Leadership, Detroit and Grand Rapids, $700,000: Implementation of two programs focused on high-growth women entrepreneurs: ACTiVATE, a technology commercialization curriculum, and Astia, a global network of mentors and investors..
- Michigan Small Business & Technology Development Center (SBTDC), Grand Rapids, $3.5 million: Business Accelerator Fund, a fund that can be accessed by participating business accelerators statewide to provide specialized business acceleration services and resources regardless of their client’s geography.
- Michigan Venture Capital Association (MVCA), Ann Arbor, $3.1 million: Entrepreneur-in-Residence and CEO placement programs, to improve talent in entrepreneurial companies; the Michigan Venture Fellows program, to develop talent for Michigan venture capital firms; and the Angel Network Growth program, to strengthen angel investment networks across the state.
The 21st Century Jobs Fund, a 10-year initiative begun in 2005, is a Michigan Strategic Fund program that is administered by the Michigan Economic Development Corporation to accelerate the growth and diversification of Michigan’s economy. The MEDC, a public-private partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC’s initiatives and programs, visit the website at www.michiganbusiness.org.